Market Updates

Sep 09, 2026

San Miguel Real Estate Market Update – August 2026

Resale activity in San Miguel remains solid, though we are beginning to see early signs of the same market pressures affecting the U.S. housing sector. Through the end of August, 253 homes had closed compared to 289 during the same period last year. Properties Under Contract are also down 12.46% year‑over‑year. However, it’s important to remember that 2025 was a record‑setting year for residential resales in San Miguel de Allende, so trailing last year by twelve percent still reflects a healthy

Philip Hardcastle

Read article →

Aug 18, 2026

San Miguel Real Estate Market Update – July 2026

Resale activity in San Miguel continues to show strength, with all properties Under Contract outpacing last year’s performance. As of the end of July, 279 properties were under contract in 2026 compared to 262 during the same period in 2025.

Philip Hardcastle

Read article →

Jul 09, 2026

San Miguel Real Estate Market Update – June 2026

Mexico received an encouraging wave of positive global attention during the World Cup, with many games hosted throughout the country.

Philip Hardcastle

Read article →

Jun 04, 2026

San Miguel Real Estate Market Update – May 2026

Year‑to‑date resale home sales remain strong, with 197 closings through May compared to 190 during the same period in 2025—a year that set an all‑time record.

Philip Hardcastle

Read article →

May 12, 2026

San Miguel Real Estate Market Update – April 2026

Resale home sales in San Miguel de Allende remained strong through April, and year‑to‑date activity continues to outpace the same period in 2025—our strongest year on record.

Philip Hardcastle

Read article →

Apr 15, 2026

San Miguel Real Estate Market Update – March 2026

Resale activity in San Miguel de Allende remained strong in March, though the data is beginning to show some conflicting signals.

Philip Hardcastle

Read article →

Mar 09, 2026

San Miguel Real Estate Market Update – February 2026

February was another solid month for resale homes in San Miguel de Allende.

Philip Hardcastle

Read article →

Feb 18, 2026

San Miguel Real Estate Market Update – January 2026

The number of resale home sales in San Miguel de Allende closed January 2026 up 8% compared to January 2025 while the dollar volume was up a little over 20%. The average sales price was $649,316.

Philip Hardcastle

Read article →

Jan 14, 2026

San Miguel Real Estate Market Update – December 2025

Resale home sales in San Miguel de Allende closed 2025 with a remarkable 24.68% increase in the number of homes sold compared to 2024, along with a 9.03% increase in total dollar volume.

Philip Hardcastle

Read article →

Dec 11, 2025

San Miguel Real Estate Market Update – November 2025

We are happy to announce that in November we surpassed the total dollar volume of sales compared to all of 2024. We still have three more reporting weeks in December which we will include in our 2025 Year End Summary.

Philip Hardcastle

Read article →

Nov 10, 2025

San Miguel Real Estate Market Update – October 2025

We are pleased to announce that by early October, we had already surpassed the total sales volume of 2024— and we still have two more months in 2025! Resale activity across all price ranges slowed in October.

Philip Hardcastle

Read article →

Oct 10, 2025

San Miguel Real Estate Market Update – September 2025

We’re proud to share that San Miguel de Allende has once again been named the Best Small City in the World by the Condé Nast Traveler Readers’ Choice Awards.

Philip Hardcastle

Read article →

Sep 04, 2025

San Miguel Real Estate Market Update August 2025

August saw a slight dip in home resales compared to July, the market remains active and healthy. With year-to-date performance still strong, 2025 is on track to become our best year for home resales since we began tracking.

Philip Hardcastle

Read article →

Aug 12, 2025

San Miguel Real Estate Market Update – July 2025

Home resales in July saw a significant increase compared to previous months. However, it's important to note that July's reporting period covered five weeks, whereas the prior month included only four.

Philip Hardcastle

Read article →

Jul 11, 2025

San Miguel Real Estate Market Update – June 2025

Home resales in June surpassed the numbers recorded in the same month last year, though they fell slightly below this year’s monthly average.

Philip Hardcastle

Read article →

Jun 16, 2025

San Miguel Real Estate Market Update for May 2025

May was the slowest month this year, which is typical, the number of resale sales still exceeded the number of resale sales in May of 2024. Overall, we have seen over 46 sales per month in 2025 compared to 32 per month in 2024.

Philip Hardcastle

Read article →

May 13, 2025

San Miguel Real Estate Market Update April 2025

Sales of resale homes in San Miguel de Allende continue to be strong. Compared to the end of April of 2024. We have seen 190 properties put under contract as of the end of April, compared to 136 at the end of April 2024.

Philip Hardcastle

Read article →

Apr 12, 2025

Real Estate Market Update for March 2025, San Miguel de Allende

Sales of resale homes in San Miguel de Allende continue to be strong. Comparing the first quarter of 2025 to 2024 sales volume is up 54% and the total dollar amount is up 37%.

Philip Hardcastle

Read article →

Mar 03, 2025

Welcome to Our Real Estate Market Update for February 2025.

Sales of resale homes in San Miguel de Allende continue to be extraordinarily strong. Comparing year to date data at the end of February 2025 to the average sales in 2024, sales volume is up 46% and the dollar average is up 38%.

Philip Hardcastle

Read article →

Feb 25, 2025

January 2025 San Miguel de Allende Real Estate Market Update

Resales of homes in San Miguel de Allende are off to a great start in 2025. Compared to the average sales in 2024 the volume of sales is up over 17% and the dollar volume is up by over 12%.

Philip Hardcastle

Read article →

Feb 25, 2025

San Miguel de Allende Real Estate Market Update January 2025

Compared to the average sales in 2024 the volume of sales is up over 17% and the dollar volume is up by over 12%. Although this update doesn’t include them, the reported February sales continue to increase.

Laila Gutierrez

Read article →

Jan 15, 2025

2024 San Miguel de Allende Real Estate Market Update

2024 was a great year for real estate sales in San Miguel de Allende considering that it was an election year both in Mexico and the USA where many people sit on the fence until the outcomes become clear.

Philip Hardcastle

Read article →

May 22, 2024

Monthly Market Update April 2024

Inflation will continue to push prices up. The costs of the materials and labor continue to increase the Replacement Costs calculations to value a property will also continue to increase. This will...

Philip Hardcastle

Read article →

May 13, 2024

1st Quarter 2024

Many sellers will hold out for the higher sales price, but as I have learned in my almost twenty years in San Miguel real estate, there are always sellers who will either...

Philip Hardcastle

Read article →

Oct 26, 2023

San Miguel de Allende´s Real Estate Market Continues Strong

It has not been uncommon for us to work with clients who visit every few months or years until they finally figure out what they want to do with the rest of their lives. 

Philip Hardcastle

Read article →

Jun 01, 2023

San Miguel de Allende Becomes the Place to Escape (part 2)

Waiting for property prices to fall in San Miguel before buying a home probably won't prove to be a good plan.  Unless some drastic world event(s) happen, my bet is that the dollar will continue to devalue for the next year or so, meaning...

Philip Hardcastle

Read article →

May 07, 2023

Why Real Estate in San Miguel de Allende Will Remain a Solid Long Term Investment

As a result, Mexico unseated China as the largest exporter to the US in 2023, and become one of the top 10 exporters globally. It is this economic strength that will keep San Miguel´s real estate a stable long term investment.

Philip Hardcastle

Read article →

Feb 21, 2023

San Miguel de Allende continues to escape the global real estate standstill.

I think what we are actually seeing both in real estate and in consumer goods and services is the devaluation of our fiat currencies.  Fortunately for now, the US dollar is the desired currency and will probably remain stronger than...

Philip Hardcastle

Read article →

Sep 14, 2022

San Miguel de Allende Becomes the Place to Escape

When the stock markets were up because many buyers, even if planning to eventually live here full time, were cashing in investments to purchase a second home.  But most of those escaping seem to be selling properties elsewhere to purchase a property in San Miguel. This means that...

Philip Hardcastle

Read article →

May 30, 2022

San Miguel de Allende Market Overview April 2022

The US Fed raising interest rates has put a huge damper on US home sales as buyers now need 50% more income to qualify for the same loan as just a few months ago.  Obviously this should push real estate prices down.  However...

Philip Hardcastle

Read article →

Mar 01, 2022

San Miguel de Allende Market Update February 2022

We are starting to see prices slightly increase for homes that are well located and in better than average condition, the main indicators we see as sales activity increases are that there is less negotiation on the actual sales prices compared to...

Philip Hardcastle

Read article →

Jan 22, 2022

San Miguel de Allende Market Update January 2022

At first glance, it appears that the inventory of homes is still fairly high in San Miguel de Allende and that we still have 19 months of inventory.  However, anyone who has been paying attention to the market can see that...

Philip Hardcastle

Read article →

Dec 21, 2021

Is it Still A Good Time to Buy Real Estate in San Miguel de Allende?

Este mercado se ha vuelto enorme y las casas terminadas pueden igualar el tamaño del mercado de reventa. Si incluyeras todas las unidades parcialmente construidas y permitidas pero aún no construidas, todo este mercado tiene...

Philip Hardcastle

Read article →

Jun 05, 2021

Is Now the Time to Buy in San Miguel de Allende?

The importance of the stock market in this context isn’t a prediction of whether it will go up or down but rather the broad impact it has on most things financial, consumer confidence, and...

Philip Hardcastle

Read article →

Mar 15, 2021

San Miguel de Allende Real Estate Market Update February 2021

I don't really see any data point which would cause prices to drop much further or cause prices to quickly appreciate.  The sense that there is pent-up demand will probably help the sales volume...

Philip Hardcastle

Read article →

Feb 08, 2021

Realty San Miguel Market Update January 2021

The price correction we have seen in the past few months is probably coming to an end as most of the fluff has been taken away.  Most will not...

Philip Hardcastle

Read article →

Nov 10, 2020

Realty San Miguel Market Update October 2020

There were two positives in October.  First, the median price of all properties declined by $38,000. Second, the percentage sold below the asking price increased to 11.05%.  This means ...

Philip Hardcastle

Read article →

Oct 30, 2020

Real estate buying strategies - Fall & Winter 2020/2021

So what should your buying strategy be when you are looking to purchase a home in San Miguel de Allende this fall and winter season? The answer somewhat depends on your own personal situation. To individualize your strategy...

Philip Hardcastle

Read article →

Oct 07, 2020

20 YEARS of Inventory In The Million Plus Market

...being optimistic and hoping for two more before the end of the year, that would mean that only ten homes priced at or over a million dollars will sell this year! 

Philip Hardcastle

Read article →

Oct 07, 2020

Four Plus Year of Inventory and Growing

In early 2017, our inventory was as low as I had ever seen it and within the MLS there were only 175 properties listed for sale.  Today, there are over 850 resale properties for sale and it looks like there will only be around 150 sold this year.

Philip Hardcastle

Read article →

Oct 01, 2020

Market Update October 1, 2020

Tracking 34 years of cycles in San Miguel, we should continue on a downward trend both in volume and prices. However, SMA is probably way more connected to the global economy today than it was even 15 years ago so this cycle may not track with the previous cycles.

Philip Hardcastle

Read article →

Sep 30, 2020

Is San Miguel de Allende Open to Visitors or Shut Down?

Some clients, who had just arrived yesterday, described entering without problems and easily received their tourist visas.  

Philip Hardcastle

Read article →

Sep 29, 2020

Buyer Beware – Only 50% of All Homes For Sale Are Reasonable Priced!

We found that slightly over 40% of the homes currently for sale were still priced at or above the peak prices of mid-2018. The percent of “overpriced” homes went to more than 50% when you take into account the price decline of 2019. Of course “overpriced” is relative, but…

Philip Hardcastle

Read article →

Sep 29, 2020

What Will Help My House Sell?

The ones that are newer or have been remodeled sell better than a home that is feeling dated - even if it is in tip-top condition. In boom times buyers will often...

Philip Hardcastle

Read article →

Aug 05, 2020

US & San Miguel Market Disconnect – Hopefully Closing Soon

There are always sellers here who are under outside or self-imposed pressure to sell. Since almost all homes here are purchased with cash versus a mortgage, selling a home in San Miguel represents liberating a nice chunk of cash which provides a lot of flexibility…

Philip Hardcastle

Read article →

Aug 02, 2015

Mexico's Economy

... news from Mexico these days is mostly good ... the second largest economy in Latin America, has remained resilient to the U.S. slowdown and the financial turmoil from Europe.

Philip Hardcastle

Read article →

Feb 28, 2015

Bouncing off the Bottom

… given that Centro is the hottest real estate market in San Miguel de Allende. It was the last to see the decline in prices after the crisis began and will be the first to recover as the downturn ends.

Philip Hardcastle

Read article →